NOTES AND BOND PAYABLE (Tables)

3 Months Ended

Mar. 31, 2018

Notes and Bonds Payable [Abstract]

Schedule of Long-term Debt Instruments

As of March 31, 2018 and December 31, 2017, the Company’s notes and bonds payable, including notes payable related to real estate held for sale, consisted of the following (dollars in thousands):

	Book Value as of March 31, 2018			Book Value as of December 31, 2017			Contractual Interest Rate as of March 31, 2018 (1)	Effective Interest Rate at March 31, 2018(1)	Payment Type	Maturity Date (2)
Richardson Portfolio Mortgage Loan	$	36,735		$	36,886		One-Month LIBOR + 2.10%	3.77%	Principal & Interest	05/01/2018 (3)
Portfolio Mortgage Loan (4)	9,509			9,877			One-Month LIBOR + 2.25%	3.91%	Principal & Interest	07/01/2018
Burbank Collection Mortgage Loan	10,898			10,958			One-Month LIBOR + 2.35%	4.04%	Principal & Interest	09/30/2018
1180 Raymond Bond Payable	6,415			6,460			6.50%	6.50%	Principal & Interest	09/01/2036
Central Building Mortgage Loan	27,600			27,600			One-Month LIBOR + 1.75%	3.41%	Interest Only	11/13/2018
424 Bedford Mortgage Loan	24,138			24,282			3.91%	3.91%	Principal & Interest	10/01/2022
1180 Raymond Mortgage Loan	30,911			31,000			One-Month LIBOR + 2.25%	3.91%	Principal & Interest	12/01/2018
KBS SOR (BVI) Holdings, Ltd. Series A Debentures (5)	277,795			278,801			4.25%	4.25%	(5)	03/01/2023
Westpark Portfolio Mortgage Loan	85,200			85,200			One-Month LIBOR + 2.50%	4.16%	Interest Only (6)	07/01/2020
Crown Pointe Mortgage Loan	50,500			50,500			One-Month LIBOR + 2.60%	4.26%	Interest Only	02/13/2020
125 John Carpenter Mortgage Loan	50,130			50,130			(7)	3.42%	Interest Only	10/01/2022
City Tower Mortgage Loan	89,000			—			One-Month LIBOR + 1.55%	3.24%	Interest Only	03/05/2021
Total Notes and Bonds Payable principal outstanding	698,831			611,694
Net Premium/(Discount) on Notes and Bonds Payable (8)	151			137
Deferred financing costs, net	(9,228		)	(8,788		)
Total Notes and Bonds Payable, net	$	689,754		$	603,043

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⁽¹⁾ Contractual interest rate represents the interest rate in effect under the loan as of March 31, 2018. Effective interest rate is calculated as the actual interest rate in effect as of March 31, 2018 (consisting of the contractual interest rate and contractual floor rates), using interest rate indices at March 31, 2018, where applicable.

⁽²⁾ Represents the initial maturity date or the maturity date as extended as of March 31, 2018; subject to certain conditions, the maturity dates of certain loans may be extended beyond the date shown.

⁽³⁾ Subsequent to March 31, 2018, the maturity date of the Richardson Portfolio Mortgage Loan was extended to November 1, 2018.

⁽⁴⁾ The Portfolio Mortgage Loan is secured by Park Centre.

⁽⁵⁾ See “ – Israeli Bond Financing” below.

⁽⁶⁾ Represents the payment type required under the loan as of March 31, 2018. Certain future monthly payments due under this loan also include amortizing principal payments. For more information of the Company’s contractual obligations under its notes and bonds payable, see five-year maturity table below.

⁽⁷⁾ The 125 John Carpenter Mortgage Loan bears interest at a floating rate of the greater of (a) 2.0% or (b) 175 basis points over one-month LIBOR.

⁽⁸⁾ Represents the unamortized premium/discount on notes and bonds payable due to the above- and below-market interest rates when the debt was assumed. The discount/premium is amortized over the remaining life of the notes and bonds payable.

Schedule of Maturities of Long-term Debt

The following is a schedule of maturities, including principal amortization payments, for all notes and bonds payable outstanding as of March 31, 2018 (in thousands):

April 1, 2018 through December 31, 2018	$	116,680
2019	57,448
2020	190,572
2021	145,438
2022	127,724
Thereafter	60,969
	$	698,831